IT raids custom house agents

MUMBAI, Aug 14: In another series of raids on Customs House Agents, the Investigation Wing of the Income Tax department, Mumbai, has discovered concealment of income to the tune of Rs 15.14 crore. Officials in the department confirmed that raids were on since Monday Aug 10, but refused to reveal the names of those CHAs raided.

In all, 30 premises were searched. Only last week the department raided another group of CHA and allied businesses and got an admission of concealment of Rs 14.88 crore. This week8217;s raids involve Baba Shivram, Merchant and Sons, Asha Clearing Agency, Tolia Shipping and International Express Company, sources in the trade told ENS. Twenty-nine lockers were sealed and cash and valuables worth Rs 75 lakhs have been seized. The concealment was mainly by way of inflation of expenses by hawala entries, sources revealed.